US stocks steady; Alphabet, Tesla earnings to set tone
U.S. Stocks Stabilize Ahead of Key Tech Earnings
U.S. stocks held steady on Tuesday as investors anticipated key earnings reports from major tech companies, which could influence future market sentiment.
At 09:40 ET (13:40 GMT), the Dow Jones Industrial Average fell 40 points, or 0.1%, while the S&P 500 rose 2 points, or 0.1%, and the NASDAQ Composite climbed 11 points, or 0.1%.
Alphabet and Tesla to Report Q2 Earnings
The focus on Tuesday was firmly on the upcoming earnings reports from tech giants Alphabet (NASDAQ) and Tesla (NASDAQ), due after the market close. Alphabet’s report is expected to provide insights into how internet giants are benefiting from artificial intelligence, as well as their spending on developing this technology. Tesla’s earnings will reveal how the electric vehicle maker is handling a sharp decline in demand, with attention also on its promises of AI-driven autonomous driving and robotaxis.
Other Key Earnings Reports
In addition to these tech giants, several other major companies reported earnings earlier in the session. Coca-Cola (NYSE) stock rose 1.4% after the soft drinks giant raised its annual organic sales and profit forecast, indicating strong demand for its beverages in both U.S. and international markets. United Parcel Service (NYSE) stock slumped 11% after the package delivery service reported disappointing second-quarter earnings due to revenue weakness in its domestic business. GE Aerospace (NYSE) stock rose 2% after the industrial giant raised its annual profit forecast, driven by strong demand for its aftermarket services, including jet-engine parts.
The second-quarter earnings season is expected to heavily influence Wall Street’s direction in the coming weeks.
Political Uncertainties Persist
Beyond corporate earnings, investors are also watching the U.S. political landscape, with Vice President Kamala Harris likely to become the Democratic presidential nominee following President Joe Biden’s announcement that he will not seek reelection. Recent polls showed Republican nominee Donald Trump leading over both Biden and Harris, though it remains unclear whether Harris’ nomination will alter this trend.
Tuesday’s economic data includes existing home sales for June and the July Richmond manufacturing index. However, the main economic data release this week will be on Friday, with June’s personal consumption expenditures index, which will test market expectations that the Federal Reserve is likely to cut interest rates in September.
Crude Oil Prices Steady Ahead of U.S. Inventory Data
Crude prices stabilized on Tuesday, remaining near their lowest levels since mid-June due to expectations of a supply surplus and continued uncertainty over demand. By 09:40 ET, U.S. crude futures (WTI) dropped 1.2% to $77.44 a barrel, while the Brent contract fell 1.1% to $81.52 a barrel.
Concerns over sluggish demand in China, the world’s largest oil importer, have weighed on the market, alongside expectations of a surplus in the crude market next year. Morgan Stanley analysts warned in a note this week that the oil market will likely shift into a surplus by 2025, driven by waning seasonal demand and an expected increase in global output.
The American Petroleum Institute, a trade group, is set to release its estimates for last week’s oil inventories later in the session, with the official U.S. government data due on Wednesday. U.S. oil inventories have seen consistent draws over the last few weeks as the summer driving season boosts demand in the world’s largest consumer market.
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